Cryptocurrency Trader Loses $11M in ETH, Total Liquidations Exceed $220M
Date: 2024-10-08 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
The cryptocurrency market has experienced a significant bearish move over the past 24 hours, leading to a sharp increase in liquidations. According to CoinGecko, the global cryptocurrency market cap has fallen by 3%, from $2.31 trillion to $2.27 trillion, equivalent to about $40 billion. At the same time, the daily trading volume has increased by 50% to $99.5 billion.
Many leading cryptocurrencies, including Bitcoin and Ethereum, have also seen their prices fall. Bitcoin is currently trading at $62,400, while Ethereum is approaching $2,400.
The overall market decline has led to liquidations worth $220 million, according to Coinglass. Of these, about 69% of liquidations, equivalent to $153 million, were long positions.
Bitcoin led the way in terms of liquidations, with a total of $58.6 million — $35.1 million of which were long and $23.4 million were short. Ethereum was also close behind with $50.6 million in liquidations — $42.8 million long and $7.8 million short.
Binance alone saw $105 million liquidated, followed by OKX with $74 million. The largest single liquidation was $10.97 million in the ETH/USDT pair on Binance.
The mass liquidations led to a 2% decrease in open interest in the crypto market, which now stands at $60.9 billion. Typically, a decrease in open interest is accompanied by a decrease in price volatility due to a decrease in the number of expected liquidations.
